终极所有权视角下的上市公司股权融资偏好研究——控制权私利与融资需求分离

文章基于终极所有权视角研究了中国上市公司的股权融资偏好问题.理论上,文章通过引入股权融资决策拓展了LLSV模型,揭示了上市公司股权融资偏好的根源.研究发现,控股股东的掏空行为与股权融资规模密切相关,上市公司的股权融资需求呈现分离现象——高回报时实施投资型融资,低回报时实施圈钱型融资.实证上,文章采用因变量受限的Tobit模型对2007-2013年我国1 803家A股上市公司的1 118次公开增发新股的规模进行了回归分析.实证结果验证了融资需求分离假说.文章为融资过程中控股股东的掏空行为提供了理论解释和实证证据.     

Recipes for Successful Sustainability: Empirical Organizational Configurations for Strong Corporate Environmental Performance

We examine 45 existing case studies of firms with strong corporate environmental performance (CEP) to empirically identify four organizational configurations for successful sustainability. These four configurations represent different combinations of variables describing a firm's external environment, organizational structure, and its strategy‐related activities. More specifically, these configurations vary in having a benign or challenging external environment, a mechanistic or organic structure, a low‐cost or differentiation strategy, hands‐on or hands‐off participation by the top management team, high or low consideration given to stakeholders, and a short‐ or long‐term time orientation. Taken together the four organizational configurations introduce an understanding of equifinality for achieving CEP. In other words, given an adequate variety of ingredients, there are multiple recipes for successful sustainability. Implications for scholars, practitioners and policy‐makers and other stakeholders are discussed. Copyright © 2013 John Wiley & Sons, Ltd and ERP Environment.     

对普通高校开展艺术教育的思考

高校艺术教育不单纯是一门课程、一种教学方式,而是一种教育思想和体系。树立通识教育的理念,提高艺术教师的综合素质,完善艺术教育教学体系等,是有效开展高校艺术教育的基本保证。     

浅议TRIMs协议与中国企业“走出去”风险的关系

在国际直接投资风险的诸多因素中,东道国投资环境,尤其是政策环境对于投资项目、区域的选择有着极其重要的影响。东道国对外来投资的过度限制——投资壁垒是企业对外投资活动直接面临的障碍。同时由于WTO各成员国引导和管辖外资的权利开始受到以TRIMs协议为代表的多边纪律的约束,东道国对国际投资管制的放松、政策透明度的提高、投资环境的改善,对于我国企业"走出去"发展海外直接投资必将提供更大的发展和更多的成长机会。     

Adjusted Pearson Chi-Square feature screening for multi-classification with ultrahigh dimensional data

Huang et al. (J Bus Econ Stat 32:237–244, 2014) first proposed a Pearson Chi-Square based feature screening procedure tailored to multi-classification problem with ultrahigh dimensional categorical covariates, which is a common problem in practice but has seldom been discussed in the literature. However, their work establishes the sure screening property only in a limited setting. Moreover, the p value based adjustments when the number of categories involved by each covariate is different do not work well in several practical situations. In this paper, we propose an adjusted Pearson Chi-Square feature screening procedure and a modified method for tuning parameter selection. Theoretically, we establish the sure screening property of the proposed method in general settings. Empirically, the proposed method is more successful than Pearson Chi-Square feature screening in handling non-equal numbers of covariate categories in finite samples. Results of three simulation studies and one real data analysis are presented. Our work together with Huang et al. (J Bus Econ Stat 32:237–244, 2014) establishes a solid theoretical foundation and empirical evidence for the family of Pearson Chi-Square based feature screening methods.     

会计信息功能市场效应的经济学反思

市场是企业发展的航标。面对竞争日益激烈的市场,原本单个的企业之间的联系也开始复杂起来,投资者要进行相互投资就必须把握公司的市场价值,因此公司价值成为投资者关注的对象,公司价值中与投资者息息相关的是权益价值,可是投资者通过什么来评估公司价值呢?这就需要有效利用会计信息发挥会计功能。会计信息仅仅是一些数据,投资者应如何运用这些数据来解释企业的市场效应,从而最大化发挥企业会计信息功能实现对权益价值的评估呢?笔者认为以会计信息功能为中心,深入解析权益价值和会计功能联系,充分考虑市场效应,以经济学的理论为基础,建立新的权益价值评估体系。即以计价观价值研究为中心,以信息观价值研究和契约观价值分析为两个基本点的有机整体的新思路,其中信息观价值研究又是重中之重,同时考虑市场信息交易的交易费用的新的评估体系。     

南京市石化工业生态化建设研究

生态工业建设是走新型工业化道路的具体实践,本文提出了“四位一体”的工业生态化建设理念。在对南京市石化工业的现状及存在的问题分析的基础上,从工业结构生态化、空间布局生态化、生产管理生态化和废弃物处理生态化四位一体的角度,全方位、立体化地探索了南京石化工业生态化建设的途径和策略。     

我国旅游电子商务发展现状及对策研究

文章分析了我国旅游电子商务的发展的状况及存在的问题。阐明了只有不断完善旅游电子商务的宏观环境,加强旅游网站的自身建设,逐步实现规模化、网络化和特色化经营,才能促进我国旅游电子商务的良性发展。     

某越野车发动机舱结构方案优化

新项目开发初期,在发动机舱传统方案基础上进行分析和方案优化,把传统前轮罩结构和连接框架结构进行合并,用先进内高压成形工艺的管梁结构替代,零件数量减少,实现了轻量化,并且提高了碰撞安全性能、弯曲刚度和扭转刚度.另外,从零件成本、组装成本和工装成本上,对两个方案进行经济性对比分析,并计算出成本平衡点,综合考虑了某越野车项目生命周期的产量,最终确定优化方案的可行性,相比较于发动机舱传统方案,优化方案生命周期的产量内,可以节约成本328.5万元,不仅实现了新技术应用、满足轻量化要求,而且节约了成本.